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The Ram emblem disappeared with the 2011 model year and Challengers received two new engines, the Pentastar, and a 392 Hemi.

The new SRT8's chin spoiler was enlarged to create more downforce, resembling the 1970 Challenger R/T. The SRT8 received a new 6.4-liter Hemi V8 officially rated at 470 hp (350 kW; 477 PS) and 470 lb-ft (640 Nm) of torque. Dodge engineers said they sacrificed peak horsepower ratings for low-end torque, stating a 90 lb-ft increase over the outgoing 6.1L Hemi V8 at 2900 rpm. Two transmissions were offered: a 5-Speed Shiftable Automatic and a 6-speed manual.

With the revised 6.4-Liter engine, Chrysler engineers cited a quarter mile (~400 m) time of 12.4 seconds at 110 mph (180 km/h) – bettering the outgoing 6.1-Liter Hemi by 0.8 seconds, although that figure has varied wildly between automotive magazines. Car and Driver tested the 392 at 12.9 seconds at 114 mph (183 km/h) while Motor Trend ran it at 13.0 seconds at 111.3 mph (179.1 km/h) and Edmunds' number was far closer to Chrysler's claimed numbers at 12.6 seconds at 112.1 mph (180.4 km/h). Top speeds of the 2011 Dodge Challenger R/T and 2011 Dodge Challenger SRT8 were both rated at 170 miles per hour (270 km/h). The R/T has a 0 to 60 miles per hour (0 to 97 km/h) acceleration of 5.00 seconds, while the SRT8 accelerates to 60 miles per hour (97 km/h) in 4.50 seconds.